Pantera Capital Predicts Bitcoin Price Surge To $117,000: Insight Into The Timing And Factors
May 09 2024 - 5:00PM
NEWSBTC
The Bitcoin price has experienced heightened volatility over the
past week. After recovering from a low of $56,500, the largest
cryptocurrency in the market surged to $65,500 within four days.
However, it has since retraced some of its gains and is currently
testing the $61,000 support level. Despite this volatility
and the absence of strong bullish momentum, venture capital firm
Pantera Capital remains optimistic about the future of BTC’s price,
citing the recent Halving event as a significant factor. Pantera
Capital Projects $117,000 Price Target By 2025 In a recent investor
letter, Pantera Capital revealed its Bitcoin Halving rallies model,
which predicts a bottoming out of the BTC price followed by a rise
through the Halving rally. Based on the average duration of
previous rallies, the firm forecasts that BTC’s price will peak at
$117,000 in August 2025. The average total duration of this cycle,
encompassing pre- and post-Halving rallies, has historically been
around 2.6 years, with symmetry observed across cycles. Related
Reading: What Triggered The 6,350% Spike In XRP Long Liquidations
Compared To Shorts? Pantera Capital highlights the relationship
between Halving events and BTC’s price. The firm asserts that if
the demand for new Bitcoin remains constant while the supply of new
Bitcoin is reduced by half, it will create upward pressure on the
price. The anticipation of a price increase has also
historically driven increased demand for Bitcoin leading up to
Halving events. However, Pantera Capital acknowledges that the
impact of each subsequent Halving on price may diminish as the
reduction in the supply of new Bitcoin from previous Halvings
becomes less significant. Moreover, the firm notes that, on
average, the Pantera Bitcoin Fund has nearly doubled in value for
eleven years. Based on this historical performance, Pantera Capital
envisions a scenario in which the price of Bitcoin reaches $117,000
by 2025. Bullish Bitcoin Price Predictions Renowned crypto analyst
Titan of Crypto has recently taken to social media platform X
(formerly Twitter) to share bullish predictions for the Bitcoin
price. With forecasts ranging from $75,000 to $110,000, Titan of
Crypto highlights various factors and patterns that could
potentially drive BTC’s growth. According to Titan of Crypto, a
price rise to $110,000 for Bitcoin is “programmed.” While the
analyst did not elaborate on the specifics of this programming, it
suggests a strong conviction in BTC’s potential to reach that
level. Titan of Crypto also identifies a current head-and-shoulders
pattern in the Bitcoin price chart. If this pattern holds, the
analyst suggests that BTC could rise to the $75,000 mark. If
confirmed, this pattern could signify a bullish trend reversal and
further support the projection of Bitcoin reaching higher price
levels. Related Reading: Analyst Narrows Down Timeline For Bitcoin
Peak This Bull Cycle The analyst also highlighted $61,500 as a
critical point to monitor due to the possibility of “panic
selling.” The analyst suggests many market participants might react
to this level, potentially increasing selling pressure.
Lastly, based on his analysis, the analyst suggests a conservative
price prediction of $108,000. However, Titan of Crypto
believes that BTC’s price may exceed this projection,
indicating a more optimistic outlook. Featured image from
Shutterstock, chart from TradingView.com
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